Local House Price Comovements

Marcel Fischer; Roland Füss; Simon Stehle

Local House Price Comovements

Marcel Fischer, Roland Füss, Simon Stehle

Institut for Finansiering

Publikation: Konferencebidrag › Poster › Forskning › peer review

Abstract

We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.

Originalsprog	Engelsk
Publikationsdato	2020
Status	Udgivet - 2020
Begivenhed	The 80th Annual Meeting of American Finance Association. AFA 2020 - San Diego, USA Varighed: 3 jan. 2020 → 5 jan. 2020 Konferencens nummer: 80 https://afajof.org/annual-meeting/

Konference

Konference	The 80th Annual Meeting of American Finance Association. AFA 2020
Nummer	80
Land/Område	USA
By	San Diego
Periode	03/01/2020 → 05/01/2020
Internetadresse	https://afajof.org/annual-meeting/

Emneord

Housing market
Price comovements
Urban economics
Real estate
Repeat sales

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Adgang til dokumentet

https://www.aeaweb.org/conference/2020/preliminary/paper/KeAG29iaLicens: Ikke-specificeret

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Citationsformater

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abstract = "We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.",

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AU - Fischer, Marcel

AU - Füss, Roland

AU - Stehle, Simon

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PY - 2020

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N2 - We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.

AB - We study the micro-level evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that excess price comovement is a highly local and persistent phenomenon. The strength of such excess comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance - particularly when house prices on aggregate level increase.

KW - Housing market

KW - Price comovements

KW - Urban economics

KW - Real estate

KW - Repeat sales

KW - Housing market

KW - Price comovements

KW - Urban economics

KW - Real estate

KW - Repeat sales

M3 - Poster

T2 - The 80th Annual Meeting of American Finance Association. AFA 2020

Y2 - 3 January 2020 through 5 January 2020

ER -